In the most recent quarter, Bill Ackman’s Pershing Square Capital Management reported a portfolio valued at $13.73 billion, with the top five holdings accounting for 68.82% of total assets. The portfolio is extremely concentrated, reflecting Ackman’s trademark high-conviction approach. Below is a detailed look at each of the top 5 positions, including shares held, value, portfolio weight, and commentary.
Uber Technologies (UBER) – 20.59%
Ackman’s largest holding is Uber, worth $2.29B across 30.3M shares. The position underscores his conviction in Uber’s transition to profitability, with strong momentum in ride-hailing and food delivery. As Uber consolidates its global dominance, Pershing Square sees it as a durable growth compounder.
Brookfield Corp (BN) – 18.54%
Second-largest is Brookfield, valued at $2.54B through 41.2M shares. The investment giant’s diverse exposure to infrastructure, real estate, and renewable energy makes it a steady asset manager with fee-related earnings. Ackman’s allocation reflects confidence in Brookfield’s ability to compound capital through cycles.
Restaurant Brands International (QSR) – 11.11%
At $1.52B, QSR (owner of Burger King, Tim Hortons, and Popeyes) represents Pershing’s third-largest stake. The defensive nature of global fast-food brands and a renewed focus on revitalizing Burger King make it a stable long-term cash generator.
Amazon (AMZN) – 9.31%
Ackman holds 5.8M shares of Amazon worth $1.28B, a new addition to the portfolio. The investment highlights confidence in AWS growth, resilient e-commerce trends, and cost-cutting initiatives. For a manager typically focused on predictable cash flows, Ackman’s Amazon bet underscores faith in its long-term cash generation.
Howard Hughes Holdings (HHH) – 9.27%
Rounding out the top five is Howard Hughes Holdings, valued at $1.27B. Ackman has long championed HHH, a real estate developer with unique master-planned communities. While the sector faces cyclical pressures, the holding reflects his belief in long-term asset appreciation and monetization potential.
Conclusion
Ackman’s top five holdings dominate over 68% of Pershing Square’s portfolio, spanning technology (Uber, Amazon), asset management (Brookfield), consumer staples (Restaurant Brands), and real estate (Howard Hughes). The extreme concentration underscores his conviction-driven strategy: large, long-term bets on businesses he believes can compound value over time.
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One Comment on “Bill Ackman’s Top 5 Positions Represent 68.82% Of The Total Portfolio”
If you combine Bill’s holdings in GOOG and GOOGL, they are slightly over 15% of his portfolio. Also the 13F only covers the US listing and so Universal Music doesn’t show up even though it is one of his largest positions.